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June 25, 2004

"Uralkali" was rated the largest investor in the Perm region in 2003

A common annual meeting of OAO "Uralkali" shareholders was held today. Company's Director General, Maxim Bakshinsky, informed company's shareholders about "Uralkali's" 2003 production results.

The annual output of potassium chloride amounted to 4,383 thousand tons (in 2002 - 4,044 thousand tons), carnallite - 431 thousand tons (in 2002 - 408.9 thousand tons). These are the best production results for the past five years.

In 2003, "Uralkali" was rated the largest investor among enterprises of the Perm region in terms of production investment volumes. A total of 1,422 million rubles was invested in production development which exceeds the 2002 level by 19%. The major portion of investments - 843 million rubles - was spent on capital construction. The investments allowed purchasing new equipment and improving the technology of production of granulated potassium chloride which resulted in a significant improvement of its quality.

In 2003, "Uralkali" began to sell its products on international markets under its own brand name. The independent sales strategy has resulted in a stable growth of demand on company's products. A total of 3,672 thousand tons of fertilizers was exported which exceeds the 2002 indicator by 12.6%.

Company's economy benefited from growth of prices on potassium on world markets. Proceeds from "Uralkali's" export activities grew by 19.7% and amounted to 6,670 million rubles (in 2002 - 5,570 million rubles). A total of 639 thousand tons of potassium chloride was supplied to the domestic market which exceeds the 2002 indicator by 29 thousand tons.

At the same time, negative external factors, such as the growth of tariffs on services provided by natural monopolies, an increase of freight charges, as well as the decrease of the US dollar exchange rate, significantly affected "Uralkali's" operations. As a result, company's balance profits reduced from 1,555 million rubles in 2002 to 1,270 million rubles in 2003. Net profits amounted to 932 million rubles (in 2002 - 1,201 million rubles).

Having familiarized themselves with Director General's report, the shareholders decided to spend 486 million rubles from last year's profits to finance 2004 expenditures, and 446 million rubles - to pay out dividends (at the rate of 0.21 rubles per common share).

In addition, the shareholders approved the appointment of "Baker Tilly RusAudit, Ltd." as company's auditor.

A new "Uralkali's" Board of Directors was elected. It now includes:

Bakshinsky, Maxim Petrovich

Baumgertner, Vladislav Arturovich

Gavrilov, Yuri Valeryevich

Zuev, Alexander Rudolfovich

Karpov, Viktor Anatolyevich

Lebedev, Anatoly Anatolyevich

Rybolovlev, Dmitry Yevgenyevich

Starkov, Alexei Nikolayevich

Shevtsov, Vladimir Alexeyevich.

The shareholders' meeting was followed by a meeting of the new "Uralkali"s" Board of Directors. Dmitry Rybolovlev was elected Chairman of the Board of Directors; Maxim Bakshinsky was elected Director General.




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